S&P Global Ratings recognizes Biocon Biologics' accelerated debt reduction

Assigns long term issuer rating of 'BB'

Biocon Biologics announced that S&P Global Ratings has recognized the Company's accelerated progress in debt reduction by assigning a Positive outlook to its credit rating. On 10 December 2025, S&P Global Ratings placed its BB' long-term issuer credit rating on Biocon Biologics and the BB' issue rating on the senior secured notes issued by the Company with a Positive outlook, underscoring S&P's view that these developments are a positive step toward retiring debt.

This positive development follows Biocon's announcement to make Biocon Biologics a wholly owned subsidiary. The company will acquire a stake of about 25% held by minority investors in Biocon Biologics by swapping equity shares of Biocon with Biocon Biologics' shares. Biocon Limited plans to swap compulsorily convertible preference shares (CCPS) held by Viatris Inc. in its subsidiary, Biocon Biologics, by exchanging them for equity shares and cash. Biocon will also enable other minority investors to exit Biocon Biologics through a similar arrangement.

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